Any property which the authority or the governing body of any incorporated city or town leases to private individuals or corporations for development under a redevelopment plan shall have the same tax status as if such leased property were owned by such private individuals or corporations.
Ala. Code § 24-2-7
Tax Status of Land Sold or Leased to Private Individuals or Corporations for Redevelopment.
(Acts 1949, No. 491, p. 713, §6; Acts 1967, No. 416, p. 1070, §6.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.